Issue - meetings

To consider the report of the Head of Finance, Procurement & Commercial Services.

(Relevant Portfolio Holder: Councillor A Yates)

The Leader introduced the report of the Head of Finance, Procurement & Commercial Services, which set out details of Treasury Management operations for the first quarter of 2022/23 and to report on the Prudential Indicators, where available.

The Leader advised that the report had been considered by the Executive Overview & Scrutiny Committee on 6 September 2022, the minutes of which had been circulated prior to the meeting.

In reaching the decision below the Cabinet considered the decision of the Executive Overview & Scrutiny Committee, the report before it and the recommendations contained therein.

RESOLVED:   A.     That the Treasury Management activity and Prudential Indicator performance for the first quarter of 2022/23 be noted.

B.     That future Treasury Management monitoring reports be submitted to the Budget/Council Plan Committee, unless there are specific recommendations for Cabinet to consider.

To consider the report of the Head of Finance, Procurement & Commercial Services

Consideration was given to the report of the Head of Finance, Procurement and Commercial Services as contained on pages 195 to 202 of the Book of Reports which, provided the 2022/23 Treasury Management and Prudential Indicators Quarter 1 Monitoring.

The Corporate Finance Manager outlined the report which provided an updated position on the Treasury Management activity and Prudential Indicators performance for the first quarter of 2022/23, detailing the following:

• That Quarterly Monitoring is now mandatory under the revised Prudential Code.
• The tables in section 4.3 and 4.4 show the latest forecast interest and borrowing rates.
• The table in section 5.3 shows a reduction in Treasury Investments of £7m over the first quarter, from £28m at 31^st March to £21m at the end of Qtr1.
• Section 5.6 identifies that the Council is currently holding one-off funding of c.£10m that is awaiting to be paid out and will reduce the investment balances to c.£11m.
• The table in 7.3 shows current borrowing of £88m, whilst the Capital Finance Requirement at 31^st March was c.£112m, resulting in a £24m under- borrowed position, due to financing the Capital Programme through internal borrowing.

The Chairman welcomed the quarter one position monitoring report and informed that it was found helpful.

RESOLVED:

1. That the Treasury Management activity and Prudential Indicator performance for the first quarter of 2022/23 be noted.

2. That future Treasury Management monitoring reports be submitted to the newly established Budget/Council Plan Committee, unless there are specific recommendations for this Committee and Cabinet to consider.